HCMC needs $40 billion for seven breakthrough programs

Ho Chi Minh City needs up to US$40 billion to implement seven breakthrough programs from now until 2020, said the city People’s Committee.

Buildings along Nguyen Huu Tho street in District 7 and Nha Be, HCMC (Photo: SGGP)

Buildings along Nguyen Huu Tho street in District 7 and Nha Be, HCMC (Photo: SGGP)

However the city is unaffordable for the entire amount so it has implemented lot of ways to mobilize other resources in the society.
In the upcoming time, the city will rearrange redundant land and housing fund, about 1,000 land plots and houses, to create funds for BT (Build-Transfer) projects.
In addition, it have not reclaimed ten golden land pierces with the total area of 49,000 square meters and huge market value.
In 1997, the city established Urban Development Investment Fund which is HCMC Financial Investment Company (HFIC) now to raise funds for economic, social and technical infrastructure projects.
Besides traditional investment forms, HFIC is now stepping up cooperation with qualified investors to implement infrastructure projects under public private partnership (PPP) model. Capital will be concentrated in projects belonging to the city’s approved public investment list and seven breakthrough programs.
The seven breakthrough programs comprise urban planning and development; human resource quality, administrative reform, growth quality and economics’ competitiveness improvement; and traffic jam and accident, flooding, environmental pollution reduction.
The city has also stepped up equitization of state own enterprises to increase revenue and assist infrastructure development in the phase of 2016-2020.

By SON LAM – Translated by Hai Mien

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